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Bill to create Blockchain Task Force passed in US state

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HIGHLIGHTS :

  • This bill was introduced in February
  • It is signed by the governor of the state
  • Earlier, another US state Hawaii had passed a similar bill.

The task force will consist of 20 members specializing in crypto, blockchain, and financial technology. The state governor, speaker, and president of the Senate will be tasked with choosing a maximum of five representatives for each team.

This bill was introduced in February

Bill has been passed to create a Blockchain and Digital Innovation Task Force in the US state of Utah. With this, Utah will be able to suggest policy-related actions to the US government. The bill has been passed after talks about setting up a task force began nearly three years ago. It was presented in February and is signed by Utah Governor Spencer Cox.

The objective of the task force is to consider and implement policy suggestions to advance blockchain, digital innovation, and financial technology in the state. The task force will consist of 20 members specializing in crypto, blockchain, and financial technology. The state governor, the speaker, and the president of the Senate will be tasked with choosing a maximum of five representatives for each team. The task force must submit its report to the State Senate’s Legislative Management Committee and the Business and Labor Interim Committee by the end of November each year.

It is signed by the governor of the state

The US Securities and Exchange Commission (SEC) recently decided to increase staffing in its Crypto Assets and Cyber ​​Unit to combat crypto-related crimes and fraud. The staff strength will be increased from 30 to about 50. This will enhance the SEC’s ability to prosecute violations of the law relating to the crypto segment.

Earlier, another US state Hawaii had passed a similar bill.

Earlier, Hawaii, another US state, passed a bill to create a task force for cryptocurrency and blockchain regulation. This task force will investigate and regulate the crypto and blockchain industry. The Commerce and Consumer Protection (CPN) and Wages and Means (WAM) committees voted in favor of the bill. Hawaii is trying to figure out how the government can monitor and regulate cryptocurrencies and blockchain technology. In a letter to Hawaii State Senate President Ron Kouchi, members Donovan Dela Cruz and Roz Baker favor the creation of a Blockchain and Cryptocurrency Task Force. This task force was proposed in the bill. The letter said that there is great potential in the use and regulation of blockchain technology and cryptocurrencies.

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